How to Become a Stockbroker in Minnesota – MN | Career | Series 7, 63, 66 Exam | License Requirements | What is a Financial Planner?

The Minnesota Department of Commerce licenses stockbrokers who work with clients in the state. Within the industry, stockbrokers are more often referred to as registered securities sales representatives (or just registered reps). Follow this guide to become licensed as a registered rep in Minnesota.

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Step 1. Get Your Education

While seeking employment by a broker-dealer firm, you will find that most are looking for a professional candidate with a strong educational background.

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Step 2: Take the Required Exams to Become a Broker-Dealer Agent in Minnesota

There will be two exams required: Either the Series 63 or Series 66 and the Series 7. When taking the Series 63 or Series 66 Exam, no sponsor is needed. All Series 7 Exam applicants are required to obtain a sponsor from a FINRA member broker-dealer firm. The most effective way to find a sponsor is by personally contacting each firm and requesting an interview.
Register for the exams.For registered reps of FINRA member firms:
You must fill out the test application form in its entirety. This form is a U-4 Uniform Application for Securities Registration or Transfer. Once the form is completed and verified for accuracy, it will be submitted to the Central Registration Depository (CRD) by the firm.
- It is customary for the sponsoring firm to pay the $85 FINRA registration fee
- FINRA registration requires a fingerprint card from all applicants. Contact your local sheriff’s office or police station for appointments and fees. FINRA will charge a fee of $30.25 to process your fingerprint card.
- Your sponsoring broker-dealer will need to pay the required $65 registration fee in Minnesota using the CRD.
- The application consists of a questionnaire detailing your personal information, education, work experience, and any criminal history
- The test fees are $245 for Series 7, $147 for the Series 63 exam, and $177 for the Series 66 exam. Minnesota requires that all registered representatives complete the Series 63 or the Series 66 in the two years prior to submitting the application. The Series 7 isn’t a requirement of the state, but is FINRA requirement to work for a broker-dealer firm.
Once the Series 7, General Securities Representative Examination registration has been submitted, a confirmation receipt will be sent to the sponsoring FINRA broker-dealer firm. At that time, the registration process is considered complete.
Take the Series 63, Uniform Securities Agent State Law Examination. As outlined in the Uniform Securities Act, an individual may also complete the Series 66, Uniform Combined State Law Examination to satisfy basic exam requirements.
Contact one of the Minnesota locations of Pearson or Prometric testing centers to schedule exam(s) within 120 days of registration.
Exam scores are released right away. After a passing score is recorded in the system, the licensure process can be completed.

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Step 3: Get Your On-The-Job Training

Take advantage of all on-the-job training. The new firm will train you on their policies and procedures.

Working for a firm will provide training on the following investment vehicles:

Direct participation programs like non-publicly traded real estate investment trusts or oil and gas leases
Stocks
Open-end and closed-end investment company shares
Mutual funds
Variable contracts
Corporate, municipal and treasury bonds
Government securities
Options on stocks

Step 4: Ongoing Requirements for License Renewal and Continuing Education

1. Annual License Renewal and Fees
  Renew your registration each year; this should be done on the anniversary of your original registration date. To do this, the sponsor firm will pay Minnesota’s $65 fee and submit it through the Web-CRD. All securities licenses must be renewed annually by December 31.
2. Continuing Education Requirements
  To understand the continuing education requirements for all registered representatives, follow the Securities Industry Continuing Education Program link. Two elements are outlined on this site, they are:
  - The Regulatory Element
    FINRA mandates that a registered representative complete one Regulatory Element training session at the start of their third year. It must be completed within 120 days of the second annual registration date. Once this training is complete, the representative is only required to complete continuing education requirements once every three years.The S101 General Program reflects the Series 7 training requirements for stockbrokers. Training consists of four topics:
  - - Communicating with the Public
    - Handling Customer Accounts/Trade and Settlement Practices
    - New and Secondary Offering & Corporate Finance
    - Client/Product Suitability
  - The Firm Element
    Your employer will determine the most suitable training for all stockbrokers, after the yearly evaluation is conducted. All registered representatives of the firm will be required to complete modules related to.
  - - Sales practices and suitability standards
    - Investment features and associated risk factors
    - Regulatory requirements related to products, services, and strategies

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Becoming a Stockbroker in Minnesota

Step 1. Get Your Education

Step 2: Take the Required Exams to Become a Broker-Dealer Agent in Minnesota

Step 3: Get Your On-The-Job Training

Step 4: Ongoing Requirements for License Renewal and Continuing Education